Business travel and expense management firm Travelstop has raised $3 million in a pre-Series A funding round led by Accel Partners, along with participation from existing investors Strive and SeedPlus. Prashanth Prakash, Partner at Accel, will join the Board of Directors of the startup as part of the deal.
Singapore-based Travelstop uses AI-driven personalisation to customise the experience of booking travel by corporate employees. It also builds tools for more efficient management of travel arrangements and expenses by employers. The company said it will utilise the new capital to build out its product and sign up more large clients.
“Traditional business travel management tools have not kept pace with modern times. They’re complicated, disjointed, expensive, and they don’t offer choice – we want to change that,” said Prashant Kirtane, co-founder and CEO at Travelstop.
The startup currently offers its product as a localised offering in seven markets across Asia. It also announced its partnership with Southeast Asian travel technology firm Traveloka, to get access to a large flight and hotel inventory for its business customers.
“In less than a year, they’ve built a solid, category-defining business and launched a world-class product that has been adopted by a growing number of companies and their employees,” said Prashant Prakash, Partner at Accel Partners.
Started just 10 months ago, this is the second funding round for Travelstop, having earlier raised $1.2 million in seed capital led by SeedPlus and angels who have experience in the travel technology space having worked with Expedia and Yahoo!.
